Home Biotech Biosupplier Merck to transfer certain businesses to Merck Life Science for 1,052 crore

Merck to transfer certain businesses to Merck Life Science for 1,052 crore

The transfer of assets, however, is subject to the approval of the shareholders of the company and other statutory nods

By BioVoice Correspondent -

May 1, 2018

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New Delhi: The Merck Limited has recently revealed that its board has decided to transfer biopharma, performance materials and life science businesses to group entity Merck Life Science Pvt Ltd for an overall consideration of Rs 1,052 crore.

In a filing to the BSE, the company also stated that the transfer of assets to Merck Life Sciences is subject to the approval of the shareholders of the company and other statutory nods.

Meanwhile, the company had posted a 53.23 percent hike in its net profit at Rs 22.71 crore for the quarter ended March 31, 2018, it added. The company had posted a net profit of Rs 14.82 crore for the corresponding period of the previous fiscal, Merck Ltd said.

The revenue from operations of the company also rose to Rs 301.16 crore for the quarter under consideration as against Rs 236.92 crore for the same period a year ago.